FirstChoice Wholesale Investments - Colonial First State

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COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS10. FINANCIAL RISK MANAGEMENT (continued)NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2011(a)(iii)Market Risk (continued)Interest rate risk (continued)An analysis of financial liabilities by maturities is provided in paragraph (d) below.The table in Note 10 (b) summarises the impact of an increase/decrease of interest rates on the Funds' operating profitand net assets attributable to unitholders through changes in fair value or changes in future cash flows. The analysis isbased on the assumption that interest rates changed by +/- 60 basis points (2010: +/- 60 basis points) from the yearend rates with all other variables held constant. The impact mainly arises from changes in the fair value of debtsecurities.(b)Summarised Sensitivity AnalysisThe following table summarises the sensitivity of the Funds' operating profit or loss and net assets attributable tounitholders to interest rate risk, foreign exchange risk and other price risk. The reasonably possible movements in therisk variables have been determined based on management's best estimate, having regard to a number of factors,including historical levels of changes in interest rates and foreign exchange rates, historical correlation of the Funds'investments with the relevant benchmark and market volatility. However, actual movements in the risk variables maybe greater or less than anticipated due to a number of factors, including unusually large market shocks resulting fromchanges in the performance of and/or correlation between the performance of the economies, markets and securitiesin which the Funds invest. As a result, historic variations in risk variables should not be used to predict futurevariations in the risk variables.FirstChoice Wholesale DefensiveInterest rate risk Foreign exchange risk Price riskImpact on operating profit/(loss) and net assets attributable to unitholders-60 basis +60 basis -10.10% 10.10% -4.65% 4.65%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2011 ( 11) 11 - - ( 15,414) 15,414-60 basis +60 basis -10.60% 10.60% -4.98% 4.98%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2010 ( 10) 10 - - ( 14,924) 14,924Page 129
COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS10. FINANCIAL RISK MANAGEMENT (continued)NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2011(b)Summarised Sensitivity Analysis (continued)FirstChoice Wholesale ConservativeInterest rate risk Foreign exchange risk Price riskImpact on operating profit/(loss) and net assets attributable to unitholders-60 basis +60 basis -10.10% 10.10% -8.51% 8.51%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2011 ( 77) 77 - - ( 198,306) 198,306-60 basis +60 basis -10.60% 10.60% -9.24% 9.24%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2010 ( 84) 84 - - ( 206,947) 206,947FirstChoice Wholesale BalancedInterest rate risk Foreign exchange risk Price riskImpact on operating profit/(loss) and net assets attributable to unitholders-60 basis +60 basis -10.10% 10.10% -17.19% 17.19%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2011 ( 14) 14 - - ( 49,048) 49,048-60 basis +60 basis -10.60% 10.60% -18.79% 18.79%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2010 ( 1) 1 - - ( 20,557) 20,557FirstChoice Wholesale GrowthInterest rate risk Foreign exchange risk Price riskImpact on operating profit/(loss) and net assets attributable to unitholders-60 basis +60 basis -10.10% 10.10% -19.29% 19.29%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2011 ( 147) 147 - - ( 796,036) 796,036-60 basis +60 basis -10.60% 10.60% -21.08% 21.08%points points$'000 $'000 $'000 $'000 $'000 $'00030/06/2010 ( 115) 115 - - ( 784,361) 784,361Page 130
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Dear InvestorYour Annual Financial
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COLONIAL FIRST STATE - FIRSTCHOICE
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